Lloyd’s Applies for Brazil Re License

February 14, 2008

Lloyd’s plans to expand in Brazil and is in the process of making a formal application to be an admitted reinsurer in the country. Its first representative office will be in Rio de Janeiro.

Lloyd’s Chairman, Lord Levene, noted the recent legislative changes by the Superintendence of Private Insurance (SUSEP) (See IJ web site – https://www.insurancejournal.com/news/international/2007/12/27/85928.htm). He also indicated that the increasing force of Brazil’s economy and the growing demand for insurance in the region, were additional reasons for the application.

“Lloyd’s decision to apply for a license in Brazil recognizes the growing strength of the Brazilian economy and the opportunities this presents for the insurance industry,” Levene stated. “With increased investment and economic reform there is set to be a growing demand for insurance and reinsurance, so the time for opening up the reinsurance market could not be better.

“The Lloyd’s market already enjoys a strong relationship with the Brazilian economy through a partnership with the country’s leading reinsurer the IRB. We look forward to sharing our expertise and capacity and supporting the development of a reinsurance center in Rio.”

He also expressed his appreciation to the “Governor of Rio, Sergio Cabral and his team, Superintendent Virgilio of SUSEP, Joao Elisio Ferraz de Campos and Jose Americo Peon de Sa from Fenaseg for their support with our application.”

Source: Lloyd’s – www.lloyds.com

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